Hawaii Revised Statutes 171-84 – Leases to certain developers of housing for low and moderate income families
Terms Used In Hawaii Revised Statutes 171-84
- Board: means the board of land and natural resources. See Hawaii Revised Statutes 171-1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Land: includes all interests therein and natural resources including water, minerals, and all such things connected with land, unless otherwise expressly provided. See Hawaii Revised Statutes 171-1
- Lessee: means the lessee under a residential lease and the successors in interest of the lessee. See Hawaii Revised Statutes 171-71
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
Sections 171-73 to 171-76, or any other law to the contrary notwithstanding, residential public lands may be leased on a first priority basis, without a drawing or public auction, by the board of land and natural resources to a developer or mortgagor who qualifies under the federal housing programs for low and moderate income families under the National Housing Act or state housing program for low and moderate income families as approved by the board of land and natural resources, or to a nonprofit or limited distribution corporation or association as defined in section 221(d)(3) of the National Housing Act which conforms to the standards of section 221(d)(3) but which is not a mortgagor under section 221(d)(3), all of which are regulated or supervised under federal or state laws or by political subdivisions of the State, or agencies thereof, as to rents, charges, sales prices, capital structure, rate of return, and methods of operation from the time of issuance of the building permit for the project. The lease under this section shall include terms to meet Federal Housing Administration requirements, if any, and the annual rental of the premises shall not exceed $1 a year to the lessee. The subleasing of individual lots will be allowed with lessee retaining first right of purchase for resale to a qualified low and moderate income family in conformance with the board of land and natural resources requirements.